Finance Minister Arun Jaitley said that the Council will choose the best possible options from those presented in the meeting today. The decision on the simplification of the GST returns is likely to be taken at the next meeting.
The GST Council, which met for the 25th time on Thursday, was expected to come up with a decision to simplify the GST returns filing, did not come to a final conclusion. Finance Minister Arun Jaitley told reporters that there were several alternative presentations on how to go about it and the GST Council will try to get it approved in the next council meet, which will be held via video conferencing. The date for the next GST Council meeting is not known yet.
Finance Minister Arun Jaitley said that the Council will choose the best possible options from those presented in the meeting today. He said, initially, the 3B filing would continue along with supply invoices, which will automatically reflect the supplies. The Finance Minister said that in case of any problem arising due to the simplified process, sellers or suppliers can provide an explanation.
Arun Jaitley said, “It was culminating in a direction… The Council felt that the group of ministers, Icommitteeee, Nandan Nilekani need to discuss and formalise it. After some time we will we will circulate (the process) in writing, and in next meet, we will try and get it approved.”
There are four kinds of GST Returns forms — GSTR-1, GSTR-2, GSTR-3 and GSTR-3B. While GSTR-1 contains details of all outward supplies, GSTR-2 contains all details of inward supplies or purchases, GSTR-3 contains all furnished details of all inward and outward supplies and GSTR-3B is a month self-declaration filed a dealer. In the 23rd Council meeting, it was decided that filing of GSTR-2, GSTR-3 would stop and only the filing of GSTR-1 and GSTR-3B would continue.
What the GST Council is mulling over the GST Returns filing, if the decision is taken, a businessman or dealer will only have to file the GST-3B form and will be required to upload supply invoices. The GST Council on Thursday also discussed a number of issues, of which, tax rate cut on 49 items were finalised, while many issues are being carried forward to the next meeting.